We incorporate Keeping-up-with-the-Joneses (KUJ) preferences into the Blanchard-Yaari (BY) framework and develop, using an AK technology, a model of balanced growth. In this context we investigate status preference, demographic, and pension policy shocks. We find that a higher degree of KUJ...

When assessing future growth prospects, does it matter how the economy grows now? In other words, does the current structure of demand affect future growth? This question is analyzed in our paper by using global and EU panel data. The result is quite striking: consumption-led growth - either in...

Intergenerational inequality and old-age poverty are salient issues in contemporary China. China's aging population threatens the fiscal sustainability of its pension system, a key vehicle for intergenerational redistribution. We analyze the positive and normative effects of alternative pension...

In this paper we provide an overview of the growth model in China and its prospects, taking a medium-run to long-run perspective. Our main conclusions are as follows. First, the still prevailing producer-biased model of managed capitalism in China tends to engender, as an inherent byproduct,...

We build an agent-based model to study how coordination failures, credit constraints and unequal access to investment opportunities affect inequality and aggregate income dynamics. The economy is populated by households who can invest in alternative projects associated with different...

In the present paper an empirical analysis will point out that consumption generates economic growth, as claimed by Saito (2007). The sample covers all world during the period 2006 - 2011. Data are drawn from O.E.C.D. and are elaborated by means of the Eviews software package

We follow Woo (2011) in using the Catch-Up Index (CUI) to define the middle-income trap and identify the countries caught in it. The CUI shows that China became a middle-income country in 2007-2008. We see five major types of middle-income trap that China is vulnerable to (a) fiscal stress from...

This study examines the antecedents of Mobile banking (M-banking) app adoption, explores post-adoption effects, and tests the moderating effect of consumer status orientation on the relationship between adoption intention and its consequences. The conceptual model hypothesized 20 relationships,...